Lagos Training

Amelia Slocombe, Director – Head of Legal – Loan Market Association

Gemma Lawrence- Pardew, Senior Associate Director – Legal – Loan Market Association

• 2017 LMA changes
• LIBOR, market disruption etc.
• IFRS 16
• Article 55, BRRD
• Sanctions
• Bribery and Anti-Corruption
• Brexit and LMA

Lee Federman, Partner – Dentons

Fred-Omojole Omosuyi, Associate – Dentons

• discussion of the purpose of representations;
• repeating representations;
• discussion of information and general covenants;
• focus on key covenants, including negative pledge;
• discussion of the inter-relationship of the credit protection clauses;
• purpose of the events of default;
• focus on key events of default, including cross default and material adverse change;
• review of the scope of events of default, including grace periods;
• consequences of an event of default (theory v reality); and
• key negotiating points.

Angela McEwan, Partner – Clifford Chance

Oghogho Makinde, Partner – Aluko Oyebode

• key definitions; and
• calculating and testing financial covenants.

Logan Wright, Partner – Clifford Chance

• negotiating financial covenants;
• relationship between financial covenants and other parts of the loan agreement; and
• different covenants for different sectors.

Logan Wright, Partner – Clifford Chance

• discussion of types of deal in the market;
• practical issues to be aware of; and
• Nigerian law and its impact on finance documentation (pre-enforcement)
• development of a secondary loan market

Chair: Seyi Bella, Partner – Banwo-Ighodalo
Oluwatoyin Akinwuntan, Group Head, Energy Downstream – First Bank
Tola Bella, Investment Banking Legal – Stanbic
Patrick Mgbenwelu, Head of Debt Solutions – FBN Capital
Abiodun Oyeledun, Senior Associate – DETAIL

• what is a PXF?;
• typical PXF structure and other variations;
• is the LMA structure representative?;
• the role of the producer/exporter, the buyer/offtaker, the lender, trading companies and letter of credit banks; and
• key risks (production, payment, political and legal) and how they are mitigated.

Christopher Hogan, Partner – Baker and McKenzie

• structure of the LMA facility agreement;
• commercial provisions: PXF specific features of the LMA facility agreement (representations, covenants and events of default);
• debt service cover ratio: calculation and testing;
• collection account provisions; and
• PXFs in practice – commodity specific features and market practice divergences.

David Leggott, Partner – Hogan Lovells

• what is being seen in the market?
• what are the key points of negotiation and how are they dealt with?

Abayomi Adebanjo, Managing Associate – Jackson, Etti & Edu

• overview of different types of security and perfection of security;
• all assets debentures and security trust deeds;
• practical issues with taking security in Nigeria;

Onyinye Okafor, Managing Associate – UUBO

• impact of a restructuring/enforcement on security documents
• restructuring transactions in the Nigerian market
• key issues from a practical perspective

Olusina Sipasi, Partner – Aelex
Ngozi Efobi, Senior Associate – Aelex